Extract from statement on 29 April by Saudi Aramco, published on Saudi Aramco website

“Saudi Aramco’s Board of Directors held its annual spring meeting in Seoul, Korea last week.

This year, during an update on the long-term Strategic Framework and associated 10-year investment profile endorsed by the board in 2013, the board’s discussions focused on deeper re-examination of the framework and investment profile in light of what happened in the crude markets over the past nine months since prices peaked in July and then began a rapid downslide.

In its review of the Strategic Framework, the board endorsed Saudi Aramco’s response to the downturn in oil prices globally, which is to stay the course in pursuing its 2020 Strategic Intent of transforming into the world’s leading integrated energy and chemicals company, allowing for “short-term, tactical adjustments” along the way.

The board also expressed continued support for the company’s push to increase local content in both the products and services it procures, and initiatives to ensure that the company’s reputation as the most reliable supplier of energy to the world remains intact. Those will continue to be focus areas in 2015 and beyond.

A “varied and rich agenda” also included a briefing from HE Ali I. Al-Naimi, board chairman and Minister of Petroleum and Mineral Resources, on the recent dissolution of the Supreme Council for Petroleum and Mineral Affairs and the creation of the Supreme Council of the Saudi Arabian Oil Company (Saudi Aramco). As provided for in the company’s Articles of Incorporation, the council was constituted with 10 members, including five members of the board. The council is chaired by HRH Prince Mohammed bin Salman Al Saud, who is also Deputy Crown Prince, Minister of Defense, Chairman of the Royal Court and Special Adviser to the Custodian of the Two Holy Mosques.”